8 January 2022 - 17:05
  • News Code: 451559
Oil Money Collected: NIOC

TEHRAN (Shana) -- The CEO of the National Iranian Oil Company said: "Sales of Iranian oil and gas condensate have increased well and export oil money is collected. We plan to return oil production capacity to pre-sanctions levels by the end of the current calendar year, which began on March 21.”

According to Fars News Agency, Mohsen Khojastehmehr, referring to the company's plan to increase Iran's oil production capacity, said: "One of the serious plans of the National Iranian Oil Company is to return crude oil production capacity to the pre-sanctions period by the end of 1400 (to March 20). The country's oil production capacity decreased under the preceding administration.”

He added: "Of course, when we talk about production capacity, we do not mean only the production capacity of wells, but also a set of influential factors, including the capacity of pipelines, processing units, oil transmission lines to consumption bases and even manpower. As a result, several projects must be defined and implemented to restore oil production capacity to before the embargo.”

The Deputy Minister of Petroleum added: "This means that one of our wells may be able to produce a high figures, but there is no processing unit for it, in this case it cannot be said that production capacity has increased, because not all defined packages to increase capacity have been achieved."

Iran's oil production capacity will return to pre-sanctions levels by late-March

"Unfortunately, we have lost a part of our oil production capacity in the past years and the production capacity figure has decreased," Khojastehmehr added.

He said: "During this period, with the efforts that have been made, the production capacity has almost reached the figure before the sanctions, and God willing, this goal will be achieved by late March."

The CEO of the National Iranian Oil Company said under the 13th administration, both the export of crude oil and gas condensate have increased well. “Pardon me for not disclosing export figures, I can only say that things have improved. Monthly reports on Iran's oil and gas condensate exports are sent to senior officials, and they are aware of the details.”

Khojastehmehr emphasized: “The revenues from oil exports also return to the country, that is, the receivables are collected. At the National Iranian Oil Company, we have a duty to sell oil and deliver the money to the Central Bank. It is the central bank that decides what to use the money for and what goods to import.”

Decreased accumulation of gas condensate in Iran due to increased exports

The Deputy Minister of Petroleum further said: “The accumulation of gas condensate in Iran has decreased due to two reasons: increased exports and increased consumption in the country. Thank God, there have been positive developments in the sale of oil and gas condensate to Iran.”

In response to a question about Iran-Latin America oil interactions, Khojastehmehr said: "We are ready to cooperate with any country that wants to buy oil and gas condensate from Iran. There are different buyers for Iranian oil now and we also have various solutions on the table for selling Iranian oil.”

News Code 451559

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